Need Not Greed

Where does the fault lay in the current mortgage failure debacle?

The answer is neither short nor sweet, theres enough fault to go around.

The real culprit has been with us since we have been keeping records, and the culprit's identity is "greed", pure and simple.

There are the greedy money lenders, banks, mortgage companies, savings and loan companies and credit unions, all with profit motivation as their goal no matter what the end result is.

There are the home builders who want to build more and bigger homes at a higher price.

There are the home owners who have to have it bigger than the Joneses.

There are the greedy ad agencies who prey upon the "you can't live another day without it crowd".

In simple terms the culprit is basic human greed, not need, period.

This represents a lack of common sense on everybodys shoulders coupled with a generous serving of stupidity.

This causes me to ask, "Who killed the goose that lays the golden eggs?" The answer is everbody!

No down payment, bad credit; no problem; well the day has come and we are faced with the unravelling of our housing market and the days of the free lunch.

The stock market is having a really bad case of the jitters and the Federal Reserve is trying to bail out some of the lending institutions with promises of lower interest rates on their borrowed money for banks, etc.

The next couple of months may see a complete turnaround with bank failures and a glut of houses that have been repossessed, but there will be such stringent loan requirements that they can't be bought by the average individual.

Yes I'm forecasting a posibility of subdivisions turning into gettos.

This whole mess would not have happened if need, not greed, was controlled.